Mortgage borrowing surged in November

New Zealanders borrowed an additional $548 million in mortgages in November, bringing the total owed on housing to $67.502 billion, according to the latest Reserve Bank figures.

Thursday, December 27th 2001, 7:57PM

by Jenny Ruth

That’s
the most borrowed in any month this year by a wide margin and
confirms other indicators showing the housing market enjoyed a
very strong November. The previous highest monthly amount borrowed
in mortgages was March with $443 million.

Between November last year and this November,
mortgage borrowing rose by $4.263 billion, or 6.74%. That’s
faster than the previous year’s 6.19% growth in mortgage
borrowing.

Mortgage borrowing in November was 90.7%
of total household indebtedness, down marginally from 90.8% a
year earlier and 91% in November 1999. Total household indebtedness
in November was $74.442 billion.